[2016-08-07]Bitcoin Price Weekly Analysis –BTC/USD Turned Buy Dips

[WishICanTurnBackTime]

Key Points:

1.Bitcoin price after recovering after hack losses against the US Dollar consolidated for some time and then moved higher.
2.There was a major contracting triangle pattern formed on the hourly chart (data feed from SimpleFX) of BTC/USD, which was broken during the upside move.
3.The recent break in the pair suggests that the price has turned bullish and one may consider buying it.

Bitcoin price is back in action as traders sidelined post Bitfinex hack losses. Are you the one looking to enter a buy trade in BTC/USD?

http://www.newsbtc.com/2016/08/07/bitcoin-price-weekly-analysis-btcusd-turned-buy-dips/

[Das]

Bitcoin is approximately $600 and the floor is now open for selling, although I want the price to go up a bit more before selling my bitcoins... don't know how many days I will have to wait though

[Kaneki]

The price surged higher and traded close to the $585 level after the break where it found offers. The price is currently correcting lower and trading near the 23.6% Fib retracement level of the last wave from the $556 low to $585 high. I think there is a chance of an extension of the current correction, which can be considered as a buying opportunity.